Developer Lands Construction Loan For Bristol Industrial Project: The Philadelphia Deal Sheet
New Jersey-based Greek Real Estate is bolstering its presence on the other side of the Delaware River with a new Bucks County industrial project.
The developer has secured an $11.8M construction loan from TD Bank to build a 100K SF warehouse at 805 N. Wilson Ave. in Bristol, Greek Real Estate announced in a social media post. Construction on the project, a collaboration with Principal Asset Management, is set to begin immediately and wrap up in the first quarter of 2027.
Greek and Principal bought the site from an entity affiliated with Regal Ventures, which had acquired it in October 2024.
“Bucks County is one of the hardest places in the region to find land for new industrial development, and a site this size that comes ready to build is rarer still,” Greek Director of Investments and Capital Markets Alex Motiuk told BINJE.
“With the site work complete and financing in place, we can move straight to construction and deliver the kind of modern space tenants in this market are looking for.”
Newmark Managing Director Ryan Guittare represented the seller, and a team at the brokerage led by Senior Managing Director Nick Pickard will lease the property. The financing was coordinated by a TD team including Mark Melchione and John Fagan.
SALES
Welltower spent $35.5M to buy an 88-unit Chester County assisted living and memory care facility as part of a joint venture with Bain Capital and Capitol Seniors Housing, the Philadelphia Business Journal reported. The sale of Arbor Terrace Exton at 100 Oaklands Blvd. came out to $403K per unit.
***
Speed Bay Warehouse Solutions has acquired a 489K SF industrial portfolio spanning eight buildings across Burlington, Delaware and Montgomery counties. The portfolio is collectively about 90% leased and features an average suite size of 20,400 SF. The deal is the first in the region for the Denver-based firm. Its press release didn't disclose the sale price, but the Philadelphia Business Journal reported that it was $84M.
LEASES
Federal Realty Investment Trust has secured a new restaurant tenant at the Andorra Shopping Center in Roxborough. Andorra Kitchen & Tap is slated to open there in Q4 2026.
CONSTRUCTION AND DEVELOPMENT
Ready-to-drink beverage company Top Dog Cocktails is opening two vinyl-listening spaces in Philadelphia and Chester County.
One is coming to a 350 SF former Chase Bank ATM outpost at 2012 Frankford Ave. The company is also plotting a 750 SF location at 110 E. State St. in Kennett Square.
FINANCING
The Philadelphia Division of Housing and Community Development and the Philadelphia Housing Development Corp. are seeking lenders to provide gap financing for 4% low-income housing tax credit projects. Applications can be submitted online and will be reviewed on a rolling basis.
THIS AND THAT
CREDA Greater Philadelphia is expanding into the Lehigh Valley following the national parent organization’s rebrand earlier this month. A launch event will be held at 3 p.m. Aug. 5 at the Historic Hotel Bethlehem. Tickets are available online.
